>> from the heart of where innovation, money, and power collide, in silicon valley and beyond, this is bloomberg technology with emily chang. emily: this is "bloomberg technology." coming up, president biden and putin weeds in geneva, the u.s. president says he wonders russian counterpart against more cyberattacks on american

infrastructure. we will have the details and reaction from diplomatic and cyber experts. plus, walking into a dream, that description from the executive behind the new google store in new york that is open thursday. we will talk about the brick-and-mortar approach to selling more hardware and how it compares to apple. and crypto is the next internet-sized opportunity for the united states. that nugget and more. we will show you a preview. first, the u.s. markets digesting the latest fed decision. ed ludlow has the latest. walk us through the decision and what it means. >> a warning from jay powell, the dots should be taken with a grain of salt. the dot plot did show a basis point rise. the s&p 500 falling by the most since march, having some of

those losses. nasdaq 100 also pair to some of the losses -- pared some of the losses. the benchmark u.s. 10-year treasury yield by z by eight basis points. the yield around 1.57%. the biggest move since march 12. the most impact was in the belly of the yield curve, this is the yield on the u.s. five-year treasury, rising by more than 10 basis points following that fed decision. this is where the marketability the most impact in terms of tapering. gold having an interesting drop to a four week low. we know the pathway for rate

increases has been a topic of debate. what was interesting, where there was less pronounced moves, the crypto market. not much moving in bitcoin. it is interesting to see the play between traditional assets and cryptocurrencies on a day when we are going to talk about it on the show. emily: thank you so much for the roundup. important decision today. i want to get to the top story, president biden summit with the russian president. human rights, cybersecurity, nuclear weapons, all topics that were discussed. maria, walk us through the big takeaway so far. i know there are conflicting opinions about how much progress was made. >> to go into this meeting, you have to factor in the expectations were very low.

the two sides, the united states and russia, said the relationship was the lowest it has been since the cold war so the expectations were low and coming out of this meeting, the two did agree to reinstate their ambassadors. in the diplomatic circles, it is a sign of goodwill, the two want to work together and there are areas in which they could see some common ground. they said the talks were frank and open and to some extent, it could help bridge some of those differences. you do have to factor that the expectations were low and when you listen to that speech from putin coming out of this meeting, he was sticking to what is the standard russian lane saying everything we are accused of, the united states does it too. when i come to allentown enough only -- when it comes to alexei navalny, he said that this was an internal matter and he would not go further than that.

when you look at cybersecurity, which is something that is key, it also affects some of the companies, putin said we are not responsible for this. a lot of the cyberattacks are happening from the u.s., they come from the united states. the breakthrough, not a lot, but the goal was to avoid an escalation and that attends relationship, and that is what we got. emily: maria on the ground in geneva, we have been watching and reporting all day. thank you for bringing the highlights to us. i want to get to someone who has experience working with russia and engaging with putin, former ambassador to russia 2014 to 2017, don taft -- john tefft. from what you have seen and heard about this meeting, was it a success or not? mr. tefft: i think it is too early to say.

i think what the president was trying to do was to lay a base, he was trying to establish a diplomatic work with which to deal with the russians they would i think the president -- russians. i think the president spoke candidly to put in about an array of issues, but i think we are not going to know for three to six months. which was a carefully scripted, diplomatic strategy which started last week the g7 summit, continued through the nato summit, then culminated today, with the hope that there will be something there. i was encouraged to see that there was a group eating on cyber. no guarantees -- group meeting on cyber. no guarantees there. from the statements both of the presidents made, there were some tough words exchanged.

that said, it was businesslike, putin called it effective, constructive. i think we will have to see. it is too early to say how much success we will have. last point, there is a lot of problems that obviously exist in the relationship, they are based on different views, different interests. and obviously different values. we have not seen putin change much, he has gotten more repressive over the last year than he was before. we should be careful, but i think our president put it down as clearly as a kurd today, what the stakes are and opened up possibilities for doing things where we might have some mutual interest. emily: i want to talk about cyber because this is happening against the backdrop of cyberattacks that have ratcheted up in severity over the last six months. we have interviewed experts you have told us, these attacks are

coming from russia, russia is doing nothing to stop it. do you expect to see any change in the pace of those attacks, the severity of those attacks as a result of what happened today or not? mr. tefft: i think we can hope so. at one point, and the interviews that our president had after the meeting and after his own press conference, he said he made it clear to putin that the united states has cyber capabilities as well and i think putin understands that. there were no threats and president biden went out of his way to say he was not going to be threatening, but the russians understand that we have considerable cyber capabilities as well. i would like to think and hope that putin will pick up the opportunity to look at these areas which biden proposed that

we put out of bounds, there is no evidence to date that we should be overly optimistic. emily: that u.s. cyber capabilities, does that mean that our offense is at the same level of their offense? are we unleashing the same kind of attacks that the russians seem to be unleashing on u.s. infrastructure? or is there a different state of play? mr. tefft: i don't know the answer to that question. cyber capabilities are something that are carefully monitored and i am not privy to those kinds of things. what i read in the newspaper is just like you. we have considerable capabilities they would whether we would use those -- capabilities. whether we would use those, i don't know. during the trump administration, there was some talk of the use of cyber but i have no inside knowledge on that.

emily: we are going to dive into the topics with a former state department and fbi expert later. in the meantime, what do you think the main value of this meeting is? if there is progress, is this something we could see in a matter of months? will this play out over years? mr. tefft: it is important that we look at this meeting as an attempt to put down a base, to put down a set of understandings , and also an effort by president biden and i'm sure putin on his side to put down clear markers. people talk about headlines, but in my experience, these summits are not just to sign agreements and are not just two, with deliverables, but this was a chance for the two men, with their advisors, to sit down and review the bidding.

joe biden has not been in power since he left as vice president and a lot of things have happened. i am happy to see them sitting down and talking and communicating, hopefully setting up additional meetings. i am as skeptical and careful about making any predictions. a lot depends on putin but i think he understands better where joe biden stands on an array of issues. emily: president biden said he is realistic but also that a level of optimism was necessary and healthy. john tefft, thank you for joining us. a u.s. lawmaker says proposed new antitrust legislation would ban apple from pre-installing apps on its devices. dafydd cicilline says tech companies would be prohibited from giving an advantage to their own products under his

plan. this means apple could not ship an iphone or ipad with preinstalled apps. the proposal is part of a package of bipartisan bills that would impose significant new constraints on how tech companies operate. coming up, the annual glassdoor top ceo list, why the leader of facebook did not make it for the first time in eight years. this is bloomberg. ♪

emily: for the first time since 2013, mark zuckerberg failed to make it to glassdoor's top ceo list. glassdoor surveyed 700 facebook employees and worker sentiment about zuckerberg had declined significantly, specifically in the last few months of 2020. the glassdoor chief economist joins us now. when it comes to mark zuckerberg, what is the data telling you? andrew: it was not that long ago when mark zuckerberg was named number one on this list, that was 2013. he dropped into the 50's and for the first time, he has dropped off the list this year. what we found is the relentless

public scrutiny of facebook's product and algorithms combined with the election events from the past year, it has taken a toll. normally what we find is when a company faces bad publicity, employees rise to the occasion and it galvanizes them to fix the problem and sentiment goes up. but it has been so real let this, especially after the january sex capitol insurrection -- january 6 capitol insurrection, it seems to have pushed mark zuckerberg off the list. emily: number one was rich lesser of pcg. number two, the top picks ceo, was adobe's ceo. what stands out about him? andrew: well, both rich lesser and adobe have 99% approval

ratings, employees love them. in the case of adobe, people view him as putting employee health and safety first during the pandemic. it is worth noting, a bunch of the tech companies that made the list, they are platforms like the slack, adobe, zoom that have become essential during the work from home environment, so i think that has played a role as shantanu narayen has stepped out front and lead the way, turning their product into an essential thing that has kept teams remotely working. emily: microsoft, number six. tim cook, 32, he is the only ceo to be on the list for all eight years. talk to us about what is important here. what workers are telling you in the data as these companies like microsoft, like apple, like adobe decide their return to work plans and workers are going

through another major transition. andrew: the common themes are first a person that embodies the company's mission and walks the talk of the company. second, they practice transparent communication, especially during times of uncertainty. third, they are accessible, as are there senior leaders. there is a fourth factor this year which was trust. many people mentioned trust, and the ceos putting employees first when they figured out how to navigate a recession and recovery. i think those are important lessons that we can learn from many of the leaders and it is worth noting, although mark zuckerberg did not make the list, no other social media ceo did either. i think it is a time of tumbled -- tumult. emily: mark zuckerberg still has

an above average approval rating, 88%, 73% is average. i wonder what any of these leaders could take away from your findings. is there one right way -- our workers calling and asking for flexibility or more understanding? if there is a forced return to the office, does that mean these companies will lose people or is there people that want to go back to the office and have that in person interaction? andrew: these leaders are the best of the best, according to employees. these 100 leaders are the ones to watch when you are trying to figure out what the post-covid workplace is going to look like. people generally want flexibility. it is an issue of how much flexibility is compatible with making sure teams work together and still get their jobs done. one interesting finding is many

of the ceos we named on this are not in new york and san francisco or chicago, they are spread out. if those ceos lead the way by locating outside the big metro areas, it may be a sign of the times that more flux ability, more remote work might be here to stay. emily: interesting. talent is everywhere as well. andrew chamberlain, fascinating to see the list shift from year to year. thank you for bringing it to us. alphabet's waymo as veith $2 billion in a funding round -- has raised $2 billion in a funding route. -- funding round. coming up, google wants in on brick-and-mortar. the company cuts its first

storefront ribbon. we are going to have the details next. roadblocks took a tumble today. --roblox took a tumble today. some analysts say it was worse than anticipated, but expect the numbers to get better in june. this is bloomberg. ♪

emily: microsoft is edging towards a $2 billion valuation. it'll hit that milestone when the stock we just $255. -- $265.60. google will open its first

retail store in manhattan highlighting its effort to promote consumer hardware devices. the store will open to the public thursday. i.b. ross, who designed this store, said it is like walking into a dream. i suppose that depends on who's dream you are in but will it live up to those expectations? >> it is looking into her dream. i think a lot of consumers are used to the apple store aesthetic which is stark and has a lot of glass, white, and silver. the google store was designed to have muted tones. the furniture is made a blonde would and cork by local artists. they wanted the product to stand out. it feels like a social space

with sofas and coffee tables and piles of books next to a speaker so customers can see what google's product might look like in their home. emily: aside from sofas, what kind of google products will we find in the store and build a be enticing enough to buy? nico: google's hardware division, which has been operating for five years now, has been fledgling, to some extent. they make a windup of phones called excel, but they are not market leaders, far from it. you can buy those things, you can also buy third-party accessories for google devices and google swag such as caps and t-shirt and dog toys and things of that nature.

if you have google products already and they need to be serviced, you can bring them into the store and google will try to fix her devices same day, as well as exposing customers to a bunch of other technology and certain rooms that have various experiences. emily: will it compare to the apple store experience? nico: apple has a network and this is going to be a niche efforts, even though it is in the middle of new york city. i think it is going to be interesting for google fans and people who might have an open mind to it. emily: ok, the beginning of something for sure. always good to have you. thank you so much for that update. coming up, more from the meeting of the presidents, sitting down in geneva as hackers and russia have ratcheted up attacks on

u.s. targets. will they ever and? that is next. this is bloomberg. ♪

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emily: welcome back to "bloomberg technology." let's get back to the markets where ed ludlow has been keeping an eye on cybersecurity stocks. ed: president biden brought up the issue of cybersecurity. we also saw moves in a stocks, lower after that decision but bounced back. the cybersecurity index closing up, pushing to a fresh record high.

what is interesting, cybersecurity has dominated the headlines, but you don't see the sea -- see the same energy and equity markets. the white line is the nasdaq index, it has only recently gained in the cybersecurity stocks. the question is when does investor psychology chain? if you look at the etf that tracks cybersecurity stocks, this is a basket that bloomberg put together, we saw outflows in may but in june, inflows. it isn't now changing that investors are taking cybersecurity more seriously? emily: thank you. cybersecurity, top of mind. one of the most controversial topics during president biden's meeting with putin. president biden outlining critical infrastructure was to be off-limits.

>> another area that we spent time on was cyber and cybersecurity. i talked about the proposition that a certain critical infrastructures should be off-limits to attack by cyber or any other means. i gave them a list. 16 specific entities, 16 defined as critical infrastructure under u.s. policy. from the energy sector to our water systems. emily: joining me now, chris painter, a former seidler diplomat -- a former cyber diplomat. do you think that the russians will act as if anything is off-limits? mr. painter: that is the real question. president biden says the proof will be in the pudding. so far, no. they have agreed in that you add

that critical infrastructure, countries should not attack that in his time -- in peacetime. yet you see these incidents all the time by the russian state and cyber criminals, where they are not taking any action. it is great to agree on things but unless there is follow-through and accountability and consequences, i don't think we are going to see a change. emily: based on what you heard, what could a putin do, what will he likely do when it comes to cyberspace? mr. painter: i think there can be some things that are at least discussed. however, i thought that perhaps president putin, there was a glimmer of hope that he might cooperate against these cyber criminals because they are not operating on his behalf. at least this case, they don't seem to have been. he could say, i'm going to crack

down on them. in his press conference, he just denied it was happening at all. that was not a good sign. we will see what happens, we will see if he starts doing something. i worked with russia a long time, they have never been robert yvonne cybercrimes but they are responsible when these actors are operating from their territories. emily: let's talk about responsibility because colonial pipeline, jbs, who is perpetrating the attacks? how many attacks are actually happening on putin's orders? mr. painter: there are times when nonstate actors are operating at the gremlins direction, when there is times when there is corruption or they are turning a blind eye. the white house has said these attacks were not

state-sponsored, these were criminal groups. christopher wray said there were some connections between these groups in the gremlin. imagine this is something abiding said to putin, imagine if hackers in florida were attacking the gas pipeline in russia and we said, there is nothing we can do about it -- that is unacceptable. the fact that they are criminal groups is not mean they invited -- they invade -- they evade responsibility. emily: of course we run our own offense, but how does the u.s. treat russia and cyberspace? are we perpetrating attacks against them that are on the level of what russia seems to be doing to the united states? mr. painter: no, there is a vast difference between intelligence gathering, which every country does and will do until the end of time, and these other attacks, the election interference, taking a giant

shipping joined offline -- we don't do that most recently, these committal attacks -- do that. most recently, these criminal attacks that have taken down infrastructure. there is a vast difference. emily: we had guests on the show who have said, ultimately, we are at cyberwar with russia because the russian government is -- either they are happening on putin's orders were russia is doing nothing to stop them. would you use that word? mr. painter: i would not, i hate that word cyberwar, it is a word that movies were sometimes journalists use. people are not dying, at least not yet. we are in a serious conflict. this is something where it has become a bigger issue, it has become more dependent on these technologies. so we need to take action.

it does not need to be called a cyberwar for us to take action. it does not need to be called a cyberwar to hold russia accountable. if they don't cooperate, take the medic actions, even cyber actions to make sure they are not doing these things they would -- things. emily: the former ambassador says putin has not changed much, if anything he has gotten worse. what is the biggest threat that you see? what is the worst case scenario in terms of how cyber relations could turn? mr. painter: putin will only do things if it is in his interest. it has been in his interest, election interference obviously in his interest, but these criminal groups, even if not operating at the gremlins direction, are causing chaos in the west, undermining democracy. that it serves his goal to destabilize the west. the worst case scenario is he

does it unchecked and stepped up his game and other countries who are waiting on the wind to see how the u.s. responds. we need to be strong about this, i think within do that. we can make clear that this kind of activity is not something we are going to allow to happen but it is going to be a long road. emily: that is realistic with some optimism thrown in. chris painter, thank you so much , appreciate having your perspective on this show. coming up, counting down to the tokyo olympics, a look at how technology will keep athletes safe in the wake of a global pandemic. this is bloomberg. ♪

emily: general motors is raising the stakes in the electric car race, its investment in future technology for the second time it eight months with plans to spend $35 billion on 30 plug-in cars by 2025 and four battery plants. gm says road in its financial lending unit will left first-half adjusted earnings to as much as $9.5 million they would -- million. we take a look at how technology will be used in the capital to keep athletes at the olympics safe. >> it is the olympics. here is what you need to -- here -- it is the countdown to the olympics. here is what you need to know.

we are five weeks away from the biggest sports event amidst a pandemic. the prime minister gained support from g7 leaders to host the olympics. >> [speaking japanese] >> the final communique mentions support for holding the gains -- the games in a safe manner as a symbol of global unity. after a year-long delay, health and safety remain top of mind. the international olympic committee has released a series of playbooks that cover protocols for those involved including athletes, officials, press members, and sports federations.

we got the third and final 70 page edition. here is the latest. we know ethics and members of the media whose members will be restricted will be under gps monitoring the first 14 days of their stay in japan. on top of the expected's mask wearing -- expected mask wearing and physical distancing, we have new details on how officials plan to enforce the rules. athletes and officials will be assigned covid-19 liaison officers who will help implement the countermeasures and there will be a disciplinary commission, warnings, disqualifications, and financial sanctions possible, although no specific amount has been provided. olympians could be kicked out of japan for violating the rules. here is what we are looking to next. what will happen to tokyo's state of emergency? it is set to be lifted this month by the japanese government is considering placing it under

a quasi-state of emergency during the olympics according to a news report. this could impact the decision on whether or not domestic spectators will be allowed to attend the games and in what capacity. that is it for now. emily: we will be watching. coming up on studio 1.0, i sit down with the cofounder of coinbase, one of the earliest crypto adopters who is betting on the future of crypto actors venture capital firm. how he believes it could change the world but might leave the u.s. behind. as we had to break, jessica alba's company released its first earnings report since going public, beating estimates but the company did not offer any outlook on performance going forward. shares have risen 10%. this is bloomberg. ♪

emily: it has been a wild ride in crypto but the earliest investors are the ones who have seen the highest highs and lowest lows.

i caught up with their coinbase cofounder who got in at bitcoin almost at the beginning. he has since founded the venture capital firm paradigm. here is part of that interview. >> crypto is its own rabbit hole , and just like any new, powerful technology, it is powerful because it reimagines important systems that run the world today from the ground up. most people primarily think about crypto as a new digital money. that has worked especially with bitcoin where we have seen bitcoin go from zero dollars to $1 trillion over the last 10 years. but crypto goes deeper than that.

we think about crypto at paradigm, the investment firm i have started, in three stages and this model bill evolve over time. the first is a new digital money, the second is a new financial system, and the third is a broad internet application platform. in our minds, crypto is not just this new digital money or new digital gold. it is a new financial system that we are seeing being built from the ground up and while it is early on in the third frontier, we think that over the course of decades, a lot of internet applications will also be crypto based. emily: you now run a crypto-focused investment firm called paradigm. how is the crypto-style of venture capital different from traditional venture capital? frederick: yeah.

i think in a few ways. just to talk about why we started paradigm in the first place, myself and matt at sequoia, we realized a couple of things. one, crypto is a new field that needs 100% focus. the core question we ask ourselves is is there anybody out there who, if we were crypto entrepreneurs building a business and matt was a start up founder, i started coinbase, who would we want to have as our first factors? we could not come up with a good answer. the last is i think the expertise required both on a team and operationally in crypto is very different, so we are trying to build a firm from an

engineering and entrepreneurial point of view to best support these crypto-native companies and protocols. emily: there crypto vc landscape is getting more competitive. how do you stay ahead of the curve? frederick: the thing we are excited about is a number of fronts. one is that they can shovels businesses. now that crypto has grown, there are all sorts of infrastructure business is being developed to support that ecosystem. those include exchanges, custodians, tax providers, ky see providers, lenders, crypto back end as a service, all sorts of these businesses. a second big frontier is d5. all of these financial building blocks that are being built out and today support around 75

billion dollars in user assets up from 03 years ago -- from zero three years ago. emily: i want to talk about regulation because the u.s. government has yet to take a stand on crypto but president biden's ftc has made it clear that some sort of stand is coming. what regulation do you expect? frederick: i think the u.s. is at an important crossroads with crypto today. they do as is blessed with the best currency and the world's reserve currency today. it also tends to be the defective financial regulator for a bunch of the world. we also have a history of being the strongest technology country in the world. if you look at the most valuable companies in the world, most of them are american technology companies.

i do think that crypto is a nuanced issue and it is possible the u.s. guest crypto long -- wrong. you have a lot of regulators whose job it is to keep us safe and that is appropriate. at the same time, i think crypto is the next internet-sized opportunity. it has the potential to create as many if not more jobs than the internet, similar economic growth. it has the potential to square the circle on the privacy internet issues that we have been talking about with tech companies for the last 10 years, namely we could use these technologies to own our own data while still getting the benefits of the internet platforms we know and love today. emily: china is taking a stand on crypto and that is where most

of the mining is happening. do you have concerns that china is going to beat the u.s. in crypto and that that is a big deal? frederick: yes. it is on multiple fronts. one is there are government programs to explicitly build using crypto. this is true both with their jcp initiative. it is also true of the local governments you are trying to use blockchain technology. to your point, historically, boats crypto mining has been in china. -- most crypto mining has been in china. there was a crackdown because energy was being siphoned from the chinese grid that may or may not have been kosher. there is a moment of opportunity today for minors in the united states -- miners in the united states or globally to step in

and make it more decentralized and if you want to view it from a nationstate point of view, to make sure that no single country has control. emily: it is an excellent interview, we are going to have the full interview tonight on the latest edition of studio 1.0 on bloomberg television. people talk about the wild by that was and is possibly to come. now to a few other stories, moderna says the united states will buy 200 million more doses of its vaccine, bringing the total amount of shots ordered by the u.s. government to 500 million. the agreement includes the potential for binding other covid vaccines being tested including booster shots. the company says that doses will be delayed or -- will be delivered later this year and in 2022. and antibody cocktail made by regeneron is showing promise. according to a study, the

therapy reduced the risk of death among hospitalized covid patients by 20%. patients also spent four days less in the hospital on average. regeneron says the benefit is only for people whose bodies don't naturally produce antibody's. google won a deal to provide v mh with five based artificial intelligence solutions. the aim, the personalize experiences for customers and faster long-term growth. google will also work with their individual brand to help them recommend targets -- recommend products to targeted clients. tomorrow, dafydd boston will speak with brian moynihan. you don't want to miss that. cap studio 1.0 tonight. this is bloomberg. ♪

>> good morning, welcome to "daybreak: australia." >> we are counting down to asia's major market opens. >> good evening. top stories this hour, the fed tightens its timetable. policymakers predict two rate hikes by 2023 as they inched towards tapering.